Posted by Bud Branstetter on March 14, 2002 at 21:37:58:
There is no recent legislation because the legislature has not been in session. The last major thing was the CFD changes. Yes, many lenders have requirements that they want the owner to have title for 6-12 months. There are others that don’t have a problem with it. You need to have your broker determine the issue first.
B Lender says no to flip - Posted by DAn_Tx
Posted by DAn_Tx on March 14, 2002 at 14:18:08:
I’m selling a lease option, and this is the second time I have had a b lender say they don’t allow flips. Have I missed something, Someone was trying to tell me recently about legislation requiring title to be held a certain length of time in Texas. Is this true or am I getting paranoid? Any info?
Re: B Lender says no to flip - Posted by NCPaul
Posted by NCPaul on March 15, 2002 at 07:59:32:
FHA has also started requiring the buyer to have a contract with the “owner of record” meaning the contract you have is not going to work if they are doing your buyer’s loan. The problem with this is that the rest of the lenders out there often follow that sort of a lead. That’s probably what you are running into. Let’s just hope that the predatory politicians who are trying to save us from ourselves find another place to grandstand before lending laws, FHA Guidelines, and such put everybody out of business.
Good Luck